27th September 2015
White House officials announce deal, which will make China the world’s biggest carbon market, on eve of summit between Barack Obama and Xi Jinping.
China, the world’s biggest carbon polluter, will launch a national cap-and-trade scheme in 2017, the White House said on Thursday.
US-China relations at a low point and as China’s President Xi Jinping’s leadership has come under scrutiny, observers warn of lukewarm response in Washington
The move, announced on the eve of a summit in Washington between Presidents Barack Obama and Xi Jinping, would make China the world’s biggest carbon market, overtaking the European Union, and could strengthen global efforts to put a price on carbon.
White House officials said the cap-and-trade plan would be formally announced on Friday along with a “very substantial financial commitment” from China to help the world’s poorest countries fight climate change.